cool edit 2000, recording what i hear from the speakers?

Sorry if I got the wrong forum....(and if so, please point me in the right direction)

Can I record what I hear from the speakers with cool edit 2000?
My other computer has a loopback feature in the sound card, and I can record what I hear out of the speakers with any recording program. For some reason, I thought cool edit 2000 could record what I hear... is this possible? I can't seem to find a manual to help me...